Invested in Champion Tower

[cpt29]

Champions Tower sold out | 2007 | AMEinfo.com

[investor9]

I know Champions Tower IV is on hold, they haven`t done anything there. A friend of my opened a case against them, and it going good, In couple of months he may win the case and memmon has to refund all the amount he paid.

[investor9]

Chamions Tower 1 and 2 have delays, everyone who invested should do something, contact a lawyer, so you can at least have Memon pay you interest for 1 to 2 years, if you want to keep the property.
They are in breach of the contract, so you can do something.

[cpt29]

Originally Posted by investor9

Chamions Tower 1 and 2 have delays, everyone who invested should do something, contact a lawyer, so you can at least have Memon pay you interest for 1 to 2 years, if you want to keep the property.
They are in breach of the contract, so you can do something.

Hi:

They are in breach in contract and have been for two years now like most of the Developers in Dubai Sports City. Please send the name of the law firm.

[cpt29]

Memon struggle to build 40% of the building with 100% investment.

[cpt29]

Originally Posted by investor9

Chamions Tower 1 and 2 have delays, everyone who invested should do something, contact a lawyer, so you can at least have Memon pay you interest for 1 to 2 years, if you want to keep the property.
They are in breach of the contract, so you can do something.

Hi:

Thanks again for posting this but its not delays. Memon are refusing to build. Memon are asking for more money and if they don't receive it, they're refusing to build even though they have 100% of investors money but Champs Tower 3 is at 40% completion.

They're incredibly using the excuse that if Investors don't pay an Electricity fee, they are going to eventually say, Investors are defaulting Then there is the Home Insurance policy, they asked people to sign!!! People still have to pay installments even if they pass away!

Amazing what they're allowed to get away with. What are RERA and the Land Government doing? Protect Investors please or no-one will invest in the future.

Thats why no-one is going to invest in DSC. Who would want to deal with this situation when you can invest anywhere in the world?

DSC will be skeletons in the sand for 5-10 years.

Memon haven't finished any of their projects so where has the money gone?

[cpt29]

Latest cricket tournament wasn't even played in DSC. The Emirates T20

[cpt29]

Property buyers face improper fees
Kevin Brass
Jun 1, 2011*Updated two hours ago
Developers in Dubai are routinely overcharging home buyers thousands of dirhams in registration fees and for service charges, property experts say.
The practice is "massively widespread", said Michael Lunjevich, a partner in the law firm Hadef & Partners.
More buyers are complaining about the fees in Dubai, as cash-strapped developers finish projects started in the boom years.
Ratnakar Mallar is challenging Dh8,000 (US$2,100) of administration and registration fees a developer is demanding before he can take over a two-bedroom apartment in a new development in Dubailand.
"It is not fair," said Mr Mallar, who works in the construction industry. "It's not part of the agreement and it adds salt to the injury of an already loss-making proposition."
In some cases, developers are ignoring the law by asking buyers to pay inappropriate fees, said Mr Lunjevich, a property specialist. A survey of 350 buyers and industry executives conducted by his firm and released yesterday found developers were commonly imposing service charges without following Dubai's new strata guidelines.
"The survey confirms that many developers are not aware of or are wilfully ignoring the current regulations surrounding jointly owned property," the law firm's report said.
The Strata Law, which went into effect last year, requires developers to obtain approval of their fees from the Real Estate Regulatory Authority (Rera) and provide audits of expenses until homeowners can form their own associations.
But many developers have delayed turning over control of maintenance in projects to interim homeowners associations, said Graham Yeates, the head of ownership management for the UAE office of the property firm Cluttons.
"They see it as a profit centre," Mr Yeates said. "If owners take over, there wouldn't be a profit margin."
Many of the laws governing registration and administration fees date to 2008, but there is still confusion about what developers can and cannot charge.
Only the Dubai Land Department can legally collect fees for registering property, Mr Lunjevich said. But some developers charge a separate property registration fee, often as much as Dh5,000.
"People don't know [the developers] can't charge, so they just pay," Mr Lunjevich said. "I can't think of how many thousands of fees have been paid without questioning."
Developers can charge only a Dh500 administrative fee for projects under construction, according to the Hadef & Partners report. However, unexpected administrative fees are a "widespread issue throughout Dubai", the report found.
Buyers are also being charged between Dh500 and Dh5,000 by developers for no-objection letters, required by the Dubai Land Department to transfer properties.
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"The basis of calculating these charges is unknown and there is no hard and fast rule in Dubai that makes it mandatory for developers to be transparent about the costs they intend imposing on purchasers or owners of freehold properties. Buyers are confused," said Tomas Ghassemi, the managing director of the Property Store.
There was often no way to predict what fees a developer would charge, he said.
The fees were hurting the property market and making purchases costly and complicated for many investors, Hadef & Partners concluded.

[8427CT]

Hi,

Are they definite about handing over Champion Tower II in 2012. Does anybody have any current news, pse post

[James Greg]

Originally Posted by gavin01

I bought at champions tower from memo real estate. Anyone know much about them? Already paid 30% but haven't got my contract just yet. Doesn't sound normal does it . . .

It is due to the reason of this that Dubai is slow. In 2012, Dubai is taking a good stand but many old projects and agreements are stopped over there. I don`t think that it is risky but it may take some time. You just be in contact with the administration and you will soon get useful feedback because Dubai is now coming up.